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Cummins Inc. profit misses consensus by 28.7% in fiscal Q3

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Cummins Inc. profit misses consensus by 28.7% in fiscal Q3

Cummins Inc. said its normalized net income for the fiscal third quarter ended Sept. 27 was $1.85 per share, compared with the S&P Capital IQ consensus estimate of $2.59 per share.

EPS fell 13.4% year over year from $2.14.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $328.0 million, a decrease of 16.0% from $390.3 million in the year-earlier period.

The normalized profit margin declined to 7.1% from 8.0% in the year-earlier period.

Total revenue fell 5.5% year over year to $4.62 billion from $4.89 billion, and total operating expenses declined year over year to $4.14 billion from $4.33 billion.

Reported net income declined 10.4% on an annual basis to $379.6 million, or $2.14 per share, from $423.9 million, or $2.32 per share.